Insurance product are one in every of the suggests that to confront the risks that the insured may face and facilitate him in-tuned the monetary burdens ensuing from it. Through the insurance policy, the insured gets protection against the risks or losses that will be incurred or caused to others by what’s stipulated within the terms and conditions of the insurance policy, and reciprocally the insured undertakes to pay the in agreement insurance premium.
Insurance products disagree among themselves in terms of purpose and insurance coverage, however there are some basic data that the client should grasp and verify before sign language the insurance contract, as follows:
1. Service supplier
it’s in an exceedinglyll|one amongst|one in every of} the insurance companies licenced to have interaction in insurance business, and therefore the insurance firm might offer its services through a 3rd party known as the insurance agent, however it should guarantee its commitment to complete the transactions in a framework that guarantees the interest and protection of the customer, and firms licensed to try to to thus will be found by visiting the institution’ web site .
2. costs and prices
The insurance company is committed to following the valuation needs set by the institution, that the client antecedently given united of the wants for approval of the amount. Insurance brokerage companies should additionally offer the most effective value quotations to the customer from many companies, with an evidence of the explanations for his or her nomination for one in every of these offers.
3. the amount of insurance coverage
it’s the period throughout which the customer is entitled to get the insurance advantages agreed upon beneath the insurance policy, and as a general principle the obligations of the parties to the contract end with the tip of the period of the contract, therefore the insured should make sure that the policy is revived before it expires; to confirm that he continues to receive these insurance benefits.
4. Terms and Conditions
The terms and conditions of the insurance policy must be scan fastidiously and exactly before sign language the contract, and inquire concerning all unclear things so as to avoid any future conflict, and therefore the client may request to get a free copy of the contract for reference at any time, further as get all the brochures issued by the corporate about the merchandise That they offer.
5. Exceptions to the policy
Attention should be paid to the amount ceiling, familiarity with exceptional cases or damages that aren’t coated by the contract, or the coverage that falls beneath the item of additives (expansion) that are typically additional at the request of the insured, love getting a replacement automobile once associate accident happens against an extra fee to the insurance policy Comprehensive AV.
6. The obligations and rights of every party
The insurance firm is obligated to clarify the rights and responsibilities of each party in a very straightforward and clear manner, and to answer all client inquiries, and therefore the customer should even be acquainted with all the obligations incurred by him beneath the contract and make sure that he’s able to fulfill them.
7. Claims settlement procedures
The insurance firm clarifies the mechanism for submitting the claims and the documents needed for settlement, additionally to explaining the explanations for rejecting the claim within the event that it’s not approved.
8. Communication channels
The insurance company must disclose the addresses of the company’s offices and the suggests that to contact them, love e-mail, phone number, and therefore the company’ website.
9. Submit and method criticisms
The insurance firm provides means to receive client complaints and objections to the services and product provided to him, so follow the procedures and measures necessary to take care of them and settle them in a very honest and immediate manner, and within the event of customer discontent he will submit a complaint to the Saudi financial Agency through the “Sama cares” portal.
The insurance contract represents an agreement between the insurance company and the client so as for the consumer to get insurance advantages proportionate along with his monetary capabilities and aspirations in exchange for paying an explicit quantity of money, therefore the customer should confirm to scan and understand the insurance contract to understand his rights and obligations ensuing from it, and to be able to select the most effective insurance product and preserve his rights.